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Rating:Mr. Market Cheers Fetting's Departure Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 11, 2012

Mr. Market Cheers Fetting's Departure

Reported by Neil Anderson, Managing Editor

Is a fund firm CEO worth $39 million? Mark Fetting may have been, or make that a negative $39 million. As news spread this morning of the Legg Mason CEO's impending departure, Mr. Market seemed to be rewarding Legg Mason's [profile] shareholders.

In a flat market, shares in the asset manager opened 1.1 percent higher at $25.79, up 32 cents from 25.47 at Monday's close (NYSE: LM).

By 10 am, Legg's share price had risen more than four percent to $26.54, from $25.95 at the open.

The asset manager's market cap is $3.57 billion. 

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